Represented Assets Reach $392B On RWA.xyz, With Canton At 88%

Represented assets dominate the tokenized real-world totals on RWA.xyz, and that changes how big the market really looks. The data tracker's networks page splits its totals in two. On November 7 it showed $391.97 billion in represented asset value and only $39.39 billion in distributed value.

The summary tiles on the RWA.xyz networks page, as of November 7, 2026. Source: RWA.xyz networks.

Represented assets and the one network that holds most of them

The gap is not spread evenly. In the network table, Canton carries $344.58 billion of represented value across two assets, and nothing in the distributed column. That is about 88 percent of the entire represented total.

Provenance has two assets as well, and its $26.30 billion of represented value sits beside just $54.07 million of distributed value. Avalanche adds $11.40 billion, so those three networks account for roughly 97.5 percent. Everyone else shares a sliver. Avalanche is the only one of the three with a visible distributed side, at $1.44 billion, which makes 11.2 percent of its own value distributed.

The Canton row in the RWA.xyz network table. Source: RWA.xyz networks.

Distributed value beyond the represented assets

Flip to the distributed view and the order changes completely, with represented assets out of the picture. Ethereum leads with $15.12 billion over 3,367 assets. BNB Chain follows at $6.33 billion, then Solana at $4.81 billion and Stellar at $4.58 billion.

Stellar is the story inside that list. It has only 84 assets, yet it sits fourth by value. Over 30 days, the page's net-flow chart with stablecoins excluded puts Stellar first at about $999 million of inflows. Ethereum shows an outflow near $1.8 billion on the same chart.

The Top Net Flows chart on the same page, period set to 30 days. Source: RWA.xyz networks.

Robinhood's chain is small by comparison, with $265.6 million across 389 assets. It has 1.70 million holders listed, though, which is far more than Stellar's 25,233.

Why represented assets differ from distributed ones

RWA.xyz does not hand a one-line rule on the networks page.

A DeFi Prime explainer from May describes the framework as two tests. One asks whether the token can leave the issuer's platform. The other asks whether it can move directly between holders. Pass both and the asset counts as Distributed. Fail either one and it is Represented.

That framing explains why Canton shows no distributed value. Its assets are recorded on the network, yet they are not freely moving between holders. A position can be real and large without being something a DeFi app could ever touch. Represented assets are therefore a different kind of number.

Represented value also grows faster. Over 30 days the page has it climbing 10.60 percent. Distributed value went the other way, dipping 0.39 percent. The headline total climbed while the freely movable part barely moved.

Quoting represented assets responsibly

Anyone quoting a tokenized-asset total should say which column they mean. Mixing the two tiles blurs freely movable assets with records that sit on a chain without moving. The same sloppiness already makes some headlines read as if hundreds of billions were open to DeFi.

A builder cares most about the smaller figure. Holder counts hint at the same thing, with about 5.67 million RWA holders listed across 40 networks.